Cantor Fitzgerald Reaffirms Overweight Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Cantor Fitzgerald reissued their overweight rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note published on Monday, Benzinga reports. Cantor Fitzgerald currently has a $90.00 price target on the stock.

Several other equities analysts have also recently weighed in on the company. HC Wainwright raised their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a buy rating in a report on Friday, August 9th. Piper Sandler reiterated an overweight rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. Morgan Stanley lifted their price target on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an overweight rating in a report on Thursday, May 23rd. Oppenheimer reiterated an outperform rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an overweight rating in a report on Tuesday, July 9th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of Moderate Buy and an average price target of $68.55.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $52.77 on Monday. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -13.96 and a beta of 0.63. The business has a 50-day moving average of $52.35 and a 200-day moving average of $47.84. Crinetics Pharmaceuticals has a fifty-two week low of $25.35 and a fifty-two week high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.94) EPS. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity

In other news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total value of $145,650.00. Following the completion of the sale, the insider now directly owns 78,611 shares in the company, valued at $3,816,564.05. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total transaction of $145,650.00. Following the completion of the transaction, the insider now directly owns 78,611 shares in the company, valued at $3,816,564.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,051 shares of company stock worth $8,259,664. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CRNX. Charles Schwab Investment Management Inc. increased its stake in Crinetics Pharmaceuticals by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 470,373 shares of the company’s stock valued at $16,736,000 after acquiring an additional 9,070 shares during the last quarter. Trexquant Investment LP increased its stake in Crinetics Pharmaceuticals by 205.5% in the fourth quarter. Trexquant Investment LP now owns 22,644 shares of the company’s stock valued at $806,000 after acquiring an additional 15,233 shares during the last quarter. Franklin Resources Inc. increased its stake in Crinetics Pharmaceuticals by 197.6% in the fourth quarter. Franklin Resources Inc. now owns 413,209 shares of the company’s stock valued at $14,702,000 after acquiring an additional 274,384 shares during the last quarter. TD Asset Management Inc increased its stake in Crinetics Pharmaceuticals by 26.5% in the fourth quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock valued at $6,277,000 after acquiring an additional 37,000 shares during the last quarter. Finally, NEOS Investment Management LLC bought a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth $480,000. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.